Swiss Life International Holding (Swiss Life) has secured a key regulatory approval for the acquisition of Elips Life (elipsLife) and the accident and health insurance portfolio of Elips Versicherungen (EVAG).

The proposed acquisition was approved by the European Commission after it concluded that the deal would not harm competition.

In a statement, the commission said: “The Commission concluded that the proposed acquisition would raise no competition concerns, given the companies’ moderate combined market positions resulting from the proposed transaction and the presence of a number of strong players providing asset management services in all relevant countries.”

The approval comes nearly four months after Swiss Re announced plans to sell its life insurance subsidiary elipsLife to Swiss Life.

The financial terms of the acquisition were not disclosed.

elipsLife and EVAG offer a range of insurance products to institutional clients. The companies operate in Austria, Belgium, Germany, Italy, Liechtenstein, the Netherlands and Switzerland.

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At the time of announcement, Swiss Re Corporate Solutions CEO Andreas Berger said: “The sale will allow Corporate Solutions to focus on continuing the strong performance of our core commercial insurance business. At the same time, Swiss Re will keep exposure to an attractive risk pool via a long-term reinsurance partnership with Swiss Life.”

The deal is expected to close in the first half of this year.